Oil technical analysis: WTI is under pressure below $54.30 a barrel

WTI remains under selling pressure.
53.00 and 52.00 can be targets to the downside.

Flavio Tosti Independent Analyst

Oil daily chart

WTI (West Texas Intermediate) is under bearish pressure below $55.00 a barrel and its main simple moving averages (SMAs).

Oil 4-hour chart

WTI is trading below the main SMAs suggesting a bearish bias. The path of least resistance is to the downside and sellers can push the market towards 53.00 and 52.00 figure. Resistance is seen at 54.30 and 55.00 level.

Additional key levels

WTI

Overview
Today last price	53.63
Today Daily Change	0.05
Today Daily Change %	0.09
Today daily open	53.58

Trends
Daily SMA20	58.03
Daily SMA50	61.26
Daily SMA100	58.83
Daily SMA200	59.19

Levels
Previous Daily High	54.94
Previous Daily Low	53.19
Previous Weekly High	54.68
Previous Weekly Low	50.72
Previous Monthly High	63.97
Previous Monthly Low	53.13
Daily Fibonacci 38.2%	53.86
Daily Fibonacci 61.8%	54.27
Daily Pivot Point S1	52.87
Daily Pivot Point S2	52.15
Daily Pivot Point S3	51.12
Daily Pivot Point R1	54.62
Daily Pivot Point R2	55.65
Daily Pivot Point R3	56.37

Author

Flavio Tosti

Independent Analyst

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